A 79-megawatt portfolio of solar power projects covering six states has changed hands between two Connecticut firms.
Westport-based True Green Capital Management on Friday announced the sale of 28 solar assets to Greenwich’s Atlus Power Inc.
Financial details of the transaction were not disclosed.
The projects — located in Connecticut, Massachusetts, Rhode Island, Vermont, New Jersey and Tennessee — include rooftop, ground-mounted and carport solar arrays that together produce nearly 100 gigawatt-hours of renewable energy annually. That output is sold to various utilities, municipalities and corporations.
True Green Capital said it originated each of the assets, providing project financing, overseeing construction and managing operations.
Atlus, which was formed in 2009, is a developer, owner and operator of photovoltaic and energy storage systems and electric vehicle charging stations.
Atlus is in the process of combining with a blank check entity sponsored by commercial real estate firm CBRE Group in a special-purpose acquisition company — or “SPAC” deal — intended to take Atlus public on the New York Stock Exchange. The transaction is expected to generate gross proceeds of approximately $678 million.
